The Financial Conduct Authority has banned a former company senior executive after finding he was not a fit and proper person.
Ex-BGC senior executive Anthony Verrier has been barred from performing any function in relation to any regulated activity in the financial services industry due to concerns over his integrity.
Verrier referred the matter to the Upper Tribunal of the Tax and Chancery Chambers in April 2012 but recently decided to withdraw his reference.
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Tracey McDermott, the FCA's director of enforcement and financial crime, said: "Verrier held a senior position within the financial services industry. He should have been a role model for others."
The FCA based its decision on evidence heard at a case involving BGC Brokers LP at the High Court.
Ms McDermott said: "The judge's findings about his conduct made it clear he fell far short of that.
"Trust will not be restored in financial services unless professionals within it can be relied upon to act with integrity.
"Where we have evidence of failures to do so, in whatever context this occurs, the FCA will take action accordingly."